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bemfi:InvestorACAndInstitutionalMember bemfi:C000005816Member 2016-01-01 2025-12-31 0000849402 bemfi:InvestorACAndInstitutionalMember bemfi:C000005817Member 2016-01-01 2025-12-31 0000849402 bemfi:ClassKMember bemfi:C000198223Member 2016-01-01 2025-12-31 0000849402 bemfi:ClassKMember bemfi:C000198223Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0000849402 bemfi:ClassKMember bemfi:C000198223Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0000849402 bemfi:ClassKMember bemfi:MSCIEmergingMarketsIndexNetMember 2016-01-01 2025-12-31 0000849402 bemfi:InvestorACAndInstitutionalMember bemfi:MSCIEmergingMarketsIndexNetMember 2016-01-01 2025-12-31 iso4217:USD pure 0000849402 false 485BPOS 2026-04-30 -0.0131 0.3017 0.0809 0.4166 -0.1094 0.2609 0.2424 -0.0138 -0.2432 0.1050 -0.2406 0.1082 -0.0105 0.3060 0.0863 0.4208 -0.1064 0.2649 0.2461 -0.0111 N-1A BLACKROCK EMERGING MARKETS FUND, INC. 2026-08-28 Fund Overview Key Facts About BlackRock Emerging Markets Fund, Inc. Investment Objective <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The investment objective of BlackRock Emerging Markets Fund, Inc. (“Emerging Markets Fund” or the “Fund”) is to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries </span><span style="color:#000000;font-family:arial;font-size:9.30pt">having smaller capital markets.</span></div> Fees and Expenses of the Fund <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. Amounts in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">You may pay other fees, such </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">as brokerage commissions and other fees to your financial professional or your selected securities dealer, broker, </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">investment adviser, service provider or industry professional (including BlackRock Advisors, LLC (</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">BlackRock</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">) and </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">its affiliates) (each, a </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">Financial Intermediary</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">), which are not reflected in the table and example below.</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> You may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">fund complex advised by BlackRock or its affiliates. More information about these and other discounts is available </span><span style="color:#000000;font-family:arial;font-size:9.30pt">from your Financial Intermediary and in the “Details About the Share Classes” and the “Intermediary-Defined Sales </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Charge Waiver Policies” sections on pages </span><span style="color:#000000;font-family:arial;font-size:9.30pt">37</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">A-1</span><span style="color:#000000;font-family:arial;font-size:9.30pt">, respectively, of the Fund’s prospectus and in the “Purchase of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Shares” section on page </span><span style="color:#000000;font-family:arial;font-size:9.30pt">II-97</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> of Part II of the Fund’s Statement of Additional Information.</span> <br/> <span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $25,000 in the fund complex advised by BlackRock or its affiliates. 25000 Shareholder Fees (fees paid directly from your investment) 0.0525 0 0 0 0.0100 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0078 0.0078 0.0078 0.0025 0.0100 0 0.0036 0.0032 0.0025 0.0001 0.0001 0.0001 0.0140 0.0211 0.0104 -0.0028 -0.0024 -0.0017 0.0112 0.0187 0.0087 <div style="float:left;line-height:7.44pt;margin-left:9.6pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:7.44pt">A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after </span><span style="color:#000000;font-family:arial;font-size:7.44pt">purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span></div> June 30, 2028 The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. Example: <div style="line-height:9.9975pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color:#000000;font-family:arial;font-size:9.30pt">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:arial;font-size:9.30pt">or lower, based on these assumptions your costs would be:</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 633 919 1225 2094 290 638 1112 2241 89 314 557 1256 You would pay the following expenses if you did not redeem your shares:  190 638 1112 2241 Portfolio Turnover: <div style="line-height:9.9975pt;margin-top:0.0pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#000000;font-family:arial;font-size:9.30pt">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:arial;font-size:9.30pt">88</span><span style="color:#000000;font-family:arial;font-size:9.30pt">% of the average value of its portfolio.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> 0.88 Principal Investment Strategies of the Fund <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in equity securities of issuers located in countries with developing capital markets. With respect to such equity </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">such securities. Equity securities consist primarily of common and preferred stocks and depositary receipts, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">include securities or other instruments whose price is linked to the value of common stock. The Fund may also invest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in securities convertible into common stock. A developing capital market is the market of any country that the World </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">middle income economy. Countries with developing capital markets can be found in regions such as Asia, Latin </span><span style="color:#000000;font-family:arial;font-size:9.30pt">America, Eastern Europe and Africa. For this purpose, developing capital markets include, but are not limited to, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets of all countries that comprise the MSCI Emerging Markets Index. The Fund may also consider an issuer to be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">located in a country that has a developing capital market if at least 50% of the issuer’s assets, gross revenues or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">profits in any one of the last two years represents assets or activities located in such countries.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may invest up to 20% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(</span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">China</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program (collectively, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">).</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may also invest in fixed income securities issued by companies and governments in these countries, as well </span><span style="color:#000000;font-family:arial;font-size:9.30pt">as mezzanine investments. The Fund normally invests in at least three countries at any given time. The Fund can </span><span style="color:#000000;font-family:arial;font-size:9.30pt">invest in securities denominated in either U.S. dollars or foreign currencies. The Fund has not established any rating or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">maturity criteria for the debt securities in which it may invest. From time to time the Fund may invest in shares of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">companies through initial public offerings (“IPOs”).</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund management may, when consistent with the Fund’s investment objective, buy or sell options or futures on a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(collectively, commonly known as derivatives). The Fund’s exposure to certain markets may be effected through </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments in participation notes or other structured or derivative instruments that are designed to replicate, or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">otherwise provide exposure to, the performance of securities listed in such markets.</span></div> <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in equity securities of issuers located in countries with developing capital markets. With respect to such equity </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">such securities. Equity securities consist primarily of common and preferred stocks and depositary receipts, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">include securities or other instruments whose price is linked to the value of common stock. The Fund may also invest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in securities convertible into common stock. A developing capital market is the market of any country that the World </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">middle income economy. Countries with developing capital markets can be found in regions such as Asia, Latin </span><span style="color:#000000;font-family:arial;font-size:9.30pt">America, Eastern Europe and Africa. For this purpose, developing capital markets include, but are not limited to, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets of all countries that comprise the MSCI Emerging Markets Index. The Fund may also consider an issuer to be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">located in a country that has a developing capital market if at least 50% of the issuer’s assets, gross revenues or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">profits in any one of the last two years represents assets or activities located in such countries.</span></div> Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity securities of issuers located in countries with developing capital markets. With respect to such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may invest up to 20% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(</span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">China</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program (collectively, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">).</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Equity Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Emerging Markets Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color:#000000;font-family:arial;font-size:9.30pt">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color:#000000;font-family:arial;font-size:9.30pt">liquidity than developed markets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Investments Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">— </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities, are subject to risks specific to China. China may be subject to considerable degrees of economic, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">government’s control over certain sectors and enterprises and significant regulation of investment and industry are </span><span style="color:#000000;font-family:arial;font-size:9.30pt">still pervasive. Chinese companies are subject to the risk that Chinese authorities can intervene in their operations </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies </span><span style="color:#000000;font-family:arial;font-size:9.30pt">resulting from governmental influence, a lack of publicly available information and/or political and social instability. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Internal social unrest or confrontations with other countries, including military conflicts in response to such events, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-</span><span style="color:#000000;font-family:arial;font-size:9.30pt">convertibility, interest rate fluctuations and higher inflation.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Actual and threatened responses to such activity and strained international relations, including purchasing </span><span style="color:#000000;font-family:arial;font-size:9.30pt">restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may impact China’s economy and Chinese issuers in which the Fund invests. Incidents involving China’s or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color:#000000;font-family:arial;font-size:9.30pt">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade </span><span style="color:#000000;font-family:arial;font-size:9.30pt">tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber </span><span style="color:#000000;font-family:arial;font-size:9.30pt">activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese economy. Certain companies may be subject to economic or trade restrictions (but not investment </span><span style="color:#000000;font-family:arial;font-size:9.30pt">restrictions) imposed by the United States or other governments due to national security, human rights or other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may invest in such companies. Other economic challenges for China include indebtedness, weak consumer </span><span style="color:#000000;font-family:arial;font-size:9.30pt">demand, and an aging population. China continues to face pressure from its trading partners over its exporting of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its excess industrial capacity and overall approach to economic management.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade </span><span style="color:#000000;font-family:arial;font-size:9.30pt">frictions between their economies and negative flow-on consequences on global markets and other nations closely </span><span style="color:#000000;font-family:arial;font-size:9.30pt">affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </span><span style="color:#000000;font-family:arial;font-size:9.30pt">between China and the United States, as each country has imposed tariffs on the other country’s products. These </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">imposed or other escalating actions may be taken in the future. From time to time, China has experienced </span><span style="color:#000000;font-family:arial;font-size:9.30pt">outbreaks of infectious illnesses. The country may be subject to other public health threats, infectious illnesses, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue </span><span style="color:#000000;font-family:arial;font-size:9.30pt">could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">There may be significant obstacles to obtaining information necessary for investigations into or litigation against </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese companies, and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exchanges use variable interest entities or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">VIEs</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> in their structure as a result of foreign ownership restrictions. Any </span><span style="color:#000000;font-family:arial;font-size:9.30pt">change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">regulatory environment in China could result in significant, and possibly permanent and/or total, losses for </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments in VIE issuers. The Fund does not select investments based on investor protection considerations.</span></div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Risk — Risk of Investing through Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Investing in eligible ETFs and A-shares (“Stock Connect </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Securities”) through Stock Connect is subject to trading, clearance, settlement and other procedures, which could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">ability to effectively pursue its investment strategy. Stock Connect will only operate on days when both the Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and Hong Kong markets are open for trading and when banking services are available in both markets on the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">not trading.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Withholding Income Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> – According to PRC tax regulations, a 10% withholding income tax is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">imposed on PRC sourced dividends and interests from non-government bonds paid to a non-PRC tax resident </span><span style="color:#000000;font-family:arial;font-size:9.30pt">enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, withholding </span><span style="color:#000000;font-family:arial;font-size:9.30pt">income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital </span><span style="color:#000000;font-family:arial;font-size:9.30pt">gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">without notice.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are temporarily exempt from withholding income tax with respect to interest income on bonds derived from the PRC </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is unclear </span><span style="color:#000000;font-family:arial;font-size:9.30pt">whether the temporary exemption will be further extended.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Value Added Tax (“VAT”) Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> – From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sourced interest income on non-government bonds and trading gains.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connects and debt securities traded in the China Interbank Bond Market.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond market from </span><span style="color:#000000;font-family:arial;font-size:9.30pt">November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income </span><span style="color:#000000;font-family:arial;font-size:9.30pt">derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign </span><span style="color:#000000;font-family:arial;font-size:9.30pt">institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public Notice 34 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">will be further extended with respect to interest income on bonds derived from the PRC bond market and issued </span><span style="color:#000000;font-family:arial;font-size:9.30pt">before August 8, 2025.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax </span><span style="color:#000000;font-family:arial;font-size:9.30pt">authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">There will be no retrospective restatement of the Fund’s net asset value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC in notifications.</span></div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Convertible Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The market value of a convertible security performs like that of a regular debt </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:9.9975pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Debt Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Credit Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color:#000000;font-family:arial;font-size:9.30pt">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Interest Rate Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being </span><span style="color:#000000;font-family:arial;font-size:9.30pt">equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">management.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color:#000000;font-family:arial;font-size:9.30pt">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">debt securities.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">value when interest rates change.</span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color:#000000;font-family:arial;font-size:9.30pt">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">hurt the Fund’s performance.</span> <br/> </div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Extension Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">anticipated, causing the value of these obligations to fall.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Prepayment Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Depositary Receipts Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color:#000000;font-family:arial;font-size:9.30pt">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color:#000000;font-family:arial;font-size:9.30pt">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color:#000000;font-family:arial;font-size:9.30pt">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color:#000000;font-family:arial;font-size:9.30pt">directly in foreign securities, including political, economic, and currency risk.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Derivatives Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Leverage Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color:#000000;font-family:arial;font-size:9.30pt">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exceed the amount originally invested.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Market Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span><span style="color:#000000;font-family:arial;font-size:9.30pt">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">derivatives positions to lose value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="line-height:9.9975pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Counterparty Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exposure to such a counterparty.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Illiquidity Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color:#000000;font-family:arial;font-size:9.30pt">difficult for the Fund to value accurately.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Operational Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issues, settlement issues, systems failures, inadequate controls and human error.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Legal Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">enforceability of a contract.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Volatility and Correlation Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Valuation Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color:#000000;font-family:arial;font-size:9.30pt">instruments or quote prices for them.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Hedging Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may result in certain adverse tax consequences.</span></div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">realizes from its investments.</span></div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Dollar Rolls Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Dollar rolls involve the risk that the market value of the securities that the Fund is committed to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Foreign Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">oversight.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">payments position.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color:#000000;font-family:arial;font-size:9.30pt">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">U.S. securities laws.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">which will adversely affect the Fund’s net asset value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Geographic Concentration Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— From time to time the Fund may invest a substantial amount of its assets in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this </span><span style="color:#000000;font-family:arial;font-size:9.30pt">manner, it assumes the risk that economic, political and social conditions in those countries will have a significant </span><span style="color:#000000;font-family:arial;font-size:9.30pt">impact on its investment performance. The Fund’s investment performance may also be more volatile if it </span><span style="color:#000000;font-family:arial;font-size:9.30pt">concentrates its investments in certain countries, especially emerging market countries.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">High Portfolio Turnover Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color:#000000;font-family:arial;font-size:9.30pt">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color:#000000;font-family:arial;font-size:9.30pt">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of higher than normal portfolio turnover may adversely affect Fund performance.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Leverage Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules </span><span style="color:#000000;font-family:arial;font-size:9.30pt">thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">leverage.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Market Risk and Selection Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color:#000000;font-family:arial;font-size:9.30pt">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:2pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color:#000000;font-family:arial;font-size:9.30pt">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund invests.</span></div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Mezzanine Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Mid Cap Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color:#000000;font-family:arial;font-size:9.30pt">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">“New Issues” Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Operational and Technology Risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color:#000000;font-family:arial;font-size:9.30pt">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Preferred Securities Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">larger companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Reverse Repurchase Agreements Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color:#000000;font-family:arial;font-size:9.30pt">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color:#000000;font-family:arial;font-size:9.30pt">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color:#000000;font-family:arial;font-size:9.30pt">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">expense.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:2.7525pt;position:relative;width:100%;"> <div style="float:left;line-height:9.12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.05pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Small Cap and Emerging Growth Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Small cap or emerging growth companies may have limited </span><span style="color:#000000;font-family:arial;font-size:9.30pt">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">depend on a more limited management group than larger capitalized companies.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:9.9975pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks of investing in the Fund. The table compares the Fund’s performance to that of the MSCI Emerging Markets Index </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(Net). To the extent that dividends and distributions have been paid by the Fund, the performance information for the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund in the chart and table assumes reinvestment of the dividends and distributions. As with all such investments, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sales charges. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during these </span><span style="color:#000000;font-family:arial;font-size:9.30pt">periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(800) 882-0052</span><span style="color:#000000;font-family:arial;font-size:9.30pt">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. www.blackrock.com (800) 882-0052 Investor A Shares ANNUAL TOTAL RETURNS BlackRock Emerging Markets Fund, Inc. As of 12/31 <div style="margin-top:3pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">During the ten-year period shown in the bar chart, the highest return for a quarter was 23.87% (quarter ended </span><span style="color:#000000;font-family:arial;font-size:9.30pt">December 31, 2020) and the lowest return for a quarter was -21.85% (quarter ended March 31, 2020). The year-to-date</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> return as of June 30, 2026 was 32.94%.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> highest return 0.2387 2020-12-31 lowest return -0.2185 2020-03-31 year-to-date return 2026-06-30 0.3294 For the periods ended 12/31/25Average Annual Total Returns 0.2334 0.0008 0.0793 0.2283 -0.0044 0.0761 0.1535 0.0017 0.0658 0.2816 0.0041 0.0784 0.3046 0.0141 0.0881 0.3357 0.0420 0.0842 <div style="margin-top:9pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color:#000000;font-family:arial;font-size:9.30pt">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary.</span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Investor A Shares only, and the after-tax returns for Investor C and Institutional Shares will vary. Fund Overview Key Facts About BlackRock Emerging Markets Fund, Inc. Investment Objective <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The investment objective of BlackRock Emerging Markets Fund, Inc. (“Emerging Markets Fund” or the “Fund”) is to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">seek long-term capital appreciation by investing in securities, principally equity securities, of issuers in countries </span><span style="color:#000000;font-family:arial;font-size:9.30pt">having smaller capital markets.</span></div> Fees and Expenses of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This table describes the fees and expenses that you may pay if you buy, hold and sell Class K Shares of the Fund. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Amounts in the table are rounded to the nearest basis point, which in some cases may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">0.00.</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">You may pay other </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">fees, such as brokerage commissions and other fees to your financial professional or selected securities dealer, </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">broker, investment adviser, service provider or industry professional (including BlackRock Advisors, LLC </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">(</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">BlackRock</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">) and its affiliates) (each, a </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">Financial Intermediary</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">), which are not reflected in the table and </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-weight:bold">example below.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0078 0 0.0012 0.0001 0.0091 -0.0009 0.0082 June 30, 2028 The Total Annual Fund Operating Expenses does not correlate to the ratio of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which does not include Acquired Fund Fees and Expenses. Example: <div style="line-height:10.695pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% </span><span style="color:#000000;font-family:arial;font-size:9.30pt">return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher </span><span style="color:#000000;font-family:arial;font-size:9.30pt">or lower, based on these assumptions your costs would be:</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> 84 281 495 1111 Portfolio Turnover: <div style="line-height:10.695pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when </span><span style="color:#000000;font-family:arial;font-size:9.30pt">shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:arial;font-size:9.30pt">88</span><span style="color:#000000;font-family:arial;font-size:9.30pt">% of the average value of its portfolio.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> 0.88 Principal Investment Strategies of the Fund <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in equity securities of issuers located in countries with developing capital markets. With respect to such equity </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">such securities. Equity securities consist primarily of common and preferred stocks and depositary receipts, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">include securities or other instruments whose price is linked to the value of common stock. The Fund may also invest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in securities convertible into common stock. A developing capital market is the market of any country that the World </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">middle income economy. Countries with developing capital markets can be found in regions such as Asia, Latin </span><span style="color:#000000;font-family:arial;font-size:9.30pt">America, Eastern Europe and Africa. For this purpose, developing capital markets include, but are not limited to, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets of all countries that comprise the MSCI Emerging Markets Index. The Fund may also consider an issuer to be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">located in a country that has a developing capital market if at least 50% of the issuer’s assets, gross revenues or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">profits in any one of the last two years represents assets or activities located in such countries.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may invest up to 20% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(</span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">China</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program (collectively, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">).</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may also invest in fixed income securities issued by companies and governments in these countries, as well </span><span style="color:#000000;font-family:arial;font-size:9.30pt">as mezzanine investments. The Fund normally invests in at least three countries at any given time. The Fund can </span><span style="color:#000000;font-family:arial;font-size:9.30pt">invest in securities denominated in either U.S. dollars or foreign currencies. The Fund has not established any rating or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">maturity criteria for the debt securities in which it may invest. From time to time the Fund may invest in shares of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">companies through initial public offerings (“IPOs”).</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund management may, when consistent with the Fund’s investment objective, buy or sell options or futures on a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security or an index of securities, or enter into interest rate or foreign currency transactions, including swaps </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(collectively, commonly known as derivatives). The Fund’s exposure to certain markets may be effected through </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments in participation notes or other structured or derivative instruments that are designed to replicate, or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">otherwise provide exposure to, the performance of securities listed in such markets.</span></div> <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in equity securities of issuers located in countries with developing capital markets. With respect to such equity </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment exposure to the securities included within that policy or to one or more market risk factors associated with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">such securities. Equity securities consist primarily of common and preferred stocks and depositary receipts, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">include securities or other instruments whose price is linked to the value of common stock. The Fund may also invest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in securities convertible into common stock. A developing capital market is the market of any country that the World </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Bank, the International Finance Corporation, the United Nations or its authorities have determined to have a low or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">middle income economy. Countries with developing capital markets can be found in regions such as Asia, Latin </span><span style="color:#000000;font-family:arial;font-size:9.30pt">America, Eastern Europe and Africa. For this purpose, developing capital markets include, but are not limited to, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets of all countries that comprise the MSCI Emerging Markets Index. The Fund may also consider an issuer to be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">located in a country that has a developing capital market if at least 50% of the issuer’s assets, gross revenues or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">profits in any one of the last two years represents assets or activities located in such countries.</span></div> Under normal conditions, the Fund invests at least 80% of its net assets plus any borrowings for investment purposes in equity securities of issuers located in countries with developing capital markets. With respect to such equity investments, investments in derivatives are counted toward the Fund’s 80% policy to the extent that they provide investment exposure to the securities included within that policy or to one or more market risk factors associated with such securities. <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may invest up to 20% of its assets in equity securities of issuers domiciled in the People’s Republic of China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(</span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">China</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> and, for the purpose of this policy, excluding Hong Kong, Macau and Taiwan) and listed in China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that are accessible through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program (collectively, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt">).</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Equity Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Stock markets are volatile. The price of equity securities fluctuates based on changes in a </span><span style="color:#000000;font-family:arial;font-size:9.30pt">company’s financial condition and overall market and economic conditions.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Emerging Markets Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Emerging markets are riskier than more developed markets because they tend to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">develop unevenly and may never fully develop. Investments in emerging markets may be considered speculative. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Emerging markets are more likely to experience hyperinflation and currency devaluations, which adversely affect </span><span style="color:#000000;font-family:arial;font-size:9.30pt">returns to U.S. investors. In addition, many emerging financial markets have far lower trading volumes and less </span><span style="color:#000000;font-family:arial;font-size:9.30pt">liquidity than developed markets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Investments Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">— </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Investments in Chinese securities, including certain Hong Kong-listed and U.S.-listed </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities, are subject to risks specific to China. China may be subject to considerable degrees of economic, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">political and social instability. Despite significant economic and market reforms in recent decades, the Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">government’s control over certain sectors and enterprises and significant regulation of investment and industry are </span><span style="color:#000000;font-family:arial;font-size:9.30pt">still pervasive. Chinese companies are subject to the risk that Chinese authorities can intervene in their operations </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">and structure. Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies </span><span style="color:#000000;font-family:arial;font-size:9.30pt">resulting from governmental influence, a lack of publicly available information and/or political and social instability. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Internal social unrest or confrontations with other countries, including military conflicts in response to such events, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may disrupt China’s economy and markets and result in a greater risk of currency fluctuations, currency non-convertibility,</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> interest rate fluctuations and higher inflation.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">China has experienced security concerns, such as terrorism and strained international relations. Additionally, China </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is alleged to have participated in state-sponsored cyberattacks against foreign companies and foreign governments. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Actual and threatened responses to such activity and strained international relations, including purchasing </span><span style="color:#000000;font-family:arial;font-size:9.30pt">restrictions, sanctions, export controls, tariffs or cyberattacks on the Chinese government or Chinese companies, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may impact China’s economy and Chinese issuers in which the Fund invests. Incidents involving China’s or the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">region’s security may adversely affect the Chinese economy and markets and the Fund’s investments. The Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">economy is highly reliant on trade. A reduction in spending on Chinese products and services, supply chain </span><span style="color:#000000;font-family:arial;font-size:9.30pt">diversification, the institution of additional tariffs or other trade barriers (including as a result of heightened trade </span><span style="color:#000000;font-family:arial;font-size:9.30pt">tensions or a trade war between China and the United States or in response to actual or alleged Chinese cyber </span><span style="color:#000000;font-family:arial;font-size:9.30pt">activity) or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese economy. Certain companies may be subject to economic or trade restrictions (but not investment </span><span style="color:#000000;font-family:arial;font-size:9.30pt">restrictions) imposed by the United States or other governments due to national security, human rights or other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">concerns of such government. So long as these restrictions do not include restrictions on investments, the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may invest in such companies. Other economic challenges for China include indebtedness, weak consumer </span><span style="color:#000000;font-family:arial;font-size:9.30pt">demand, and an aging population. China continues to face pressure from its trading partners over its exporting of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its excess industrial capacity and overall approach to economic management.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The United States and China have been engaged in an ongoing trade war with one another, which has led to trade </span><span style="color:#000000;font-family:arial;font-size:9.30pt">frictions between their economies and negative flow-on consequences on global markets and other nations closely </span><span style="color:#000000;font-family:arial;font-size:9.30pt">affiliated with those countries. The current political climate has intensified concerns about an ongoing trade war </span><span style="color:#000000;font-family:arial;font-size:9.30pt">between China and the United States, as each country has imposed tariffs on the other country’s products. These </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions may trigger a significant reduction in international trade, the oversupply of certain manufactured goods, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">substantial price reductions of goods and possible failure of individual companies and/or large segments of China’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">export industry, which could have a negative impact on the Fund’s performance. In addition, there is a risk that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">further capital controls and/or sanctions may be imposed, which could include the prohibition of, or restrictions on, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the ability to own or transfer currency, securities, derivatives or other assets and may also include retaliatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions, such as seizure of assets. Any of these actions could severely impair the Fund’s ability to purchase, sell, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transfer, receive, deliver or otherwise obtain exposure to Chinese securities and assets, including the ability to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transfer the Fund’s assets or income back into the United States, and could negatively impact the value and/or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">liquidity of such assets or otherwise adversely affect the Fund’s operations, causing the Fund to decline in value. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">imposed or other escalating actions may be taken in the future. From time to time, China has experienced </span><span style="color:#000000;font-family:arial;font-size:9.30pt">outbreaks of infectious illnesses. The country may be subject to other public health threats, infectious illnesses, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">diseases or similar issues in the future. Any spread of an infectious illness, public health threat or similar issue </span><span style="color:#000000;font-family:arial;font-size:9.30pt">could reduce consumer demand or economic output, result in market closures, travel restrictions or quarantines, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and generally have a significant impact on the Chinese economy, which in turn could adversely affect the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese companies, including those listed on U.S. exchanges, are not subject to the same degree of regulatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">requirements, accounting standards or auditor oversight as companies in more developed countries. As a result, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">information about the Chinese securities in which the Fund invests may be less reliable or complete. Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">companies with securities listed on U.S. exchanges may be delisted if they do not meet U.S. accounting standards </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and auditor oversight requirements, which would significantly decrease the liquidity and value of the securities. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">There may be significant obstacles to obtaining information necessary for investigations into or litigation against </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Chinese companies, and shareholders may have limited legal remedies. Many Chinese companies listed on U.S. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exchanges use variable interest entities or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">“</span><span style="color:#000000;font-family:arial;font-size:9.30pt">VIEs</span><span style="color:#000000;font-family:arial;font-size:9.30pt">”</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> in their structure as a result of foreign ownership restrictions. Any </span><span style="color:#000000;font-family:arial;font-size:9.30pt">change in the operations of entities in a VIE structure, the status of VIE contractual arrangements or the legal or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">regulatory environment in China could result in significant, and possibly permanent and/or total, losses for </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investments in VIE issuers. The Fund does not select investments based on investor protection considerations.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Risk — Risk of Investing through Stock Connect</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Investing in eligible ETFs and A-shares (“Stock Connect </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Securities”) through Stock Connect is subject to trading, clearance, settlement and other procedures, which could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">pose risks to the Fund. Trading through Stock Connect is subject to the Daily Quota, which may restrict the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">ability to invest in Stock Connect Securities through Stock Connect on a timely basis and could affect the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">ability to effectively pursue its investment strategy. Stock Connect will only operate on days when both the Chinese </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and Hong Kong markets are open for trading and when banking services are available in both markets on the </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">corresponding settlement days. Therefore, an investment in Stock Connect Securities through Stock Connect may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">subject the Fund to the risk of price fluctuations on days when the Chinese markets are open, but Stock Connect is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">not trading.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">China Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Withholding Income Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> – According to PRC tax regulations, a 10% withholding income tax is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">imposed on PRC sourced dividends and interests from non-government bonds paid to a non-PRC tax resident </span><span style="color:#000000;font-family:arial;font-size:9.30pt">enterprise, unless the rate is reduced under an applicable tax treaty. From a technical perspective, withholding </span><span style="color:#000000;font-family:arial;font-size:9.30pt">income tax is also applicable to capital gains realized by foreign investors on the disposal of PRC equity interests.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 14, 2014, the Ministry of Finance (“MoF”), China Securities Regulatory Commission and the State </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Taxation Administration (“STA”), acting with State Council’s approval, jointly released Circular 79, which temporarily </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exempts Qualified Foreign Institutional Investors (“QFIIs”) and Renminbi Qualified Foreign Institutional Investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(“RQFIIs”) from tax on capital gains derived from the trading of shares and other equity interest investments on or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">after November 17, 2014. Subsequently, Circulars 81 and 127 were issued to temporarily exempt tax on capital </span><span style="color:#000000;font-family:arial;font-size:9.30pt">gains derived from trading of equity securities of companies domiciled in the PRC that trade on Chinese stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exchanges (“A-Shares”) through the Shanghai-Hong Kong Stock Connect program or the Shenzhen-Hong Kong Stock </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Connect program, as applicable (each, a “Stock Connect” and collectively, “Stock Connects”). The duration of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">temporary exemptions is not stated in the circulars and is subject to termination by the PRC tax authorities with or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">without notice.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 22, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are temporarily exempt from withholding income tax with respect to interest income on bonds derived from the PRC </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bond market from November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA issued </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Public Notice 34 to extend the temporary exemption from November 7, 2021 to December 31, 2025. It is unclear </span><span style="color:#000000;font-family:arial;font-size:9.30pt">whether the temporary exemption will be further extended.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Value Added Tax (“VAT”) Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> – From May 1, 2016, VAT applies to certain income derived by the Fund, including PRC </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sourced interest income on non-government bonds and trading gains.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">There are however certain tax exemptions available, some temporary in nature, highlighted below.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">VAT exemptions currently apply to capital gains from trading of QFII and RQFII products, A-Shares traded on the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Stock Connects and debt securities traded in the China Interbank Bond Market.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">On November 7, 2018, the MoF and STA jointly issued Circular 108 which states that foreign institutional investors </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are temporarily exempt from VAT with respect to interest income on bonds derived from the PRC bond market from </span><span style="color:#000000;font-family:arial;font-size:9.30pt">November 7, 2018 to November 6, 2021. On November 22, 2021, the MoF and STA jointly issued Public Notice 34 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to extend the temporary exemption from November 7, 2021 to December 31, 2025. However, on July 31, 2025, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">MoF and STA jointly issued Public Notice No 4 of 2025, stating that VAT will apply with respect to interest income </span><span style="color:#000000;font-family:arial;font-size:9.30pt">derived from treasury bonds, local government bonds and financial bonds issued on or after August 8, 2025. It is </span><span style="color:#000000;font-family:arial;font-size:9.30pt">understood that Public Notice No 4 of 2025 does not supersede the afore-mentioned exemption for foreign </span><span style="color:#000000;font-family:arial;font-size:9.30pt">institutional investors. Moreover, it is unclear whether the temporary exemption from VAT issued in Public Notice 34 </span><span style="color:#000000;font-family:arial;font-size:9.30pt">will be further extended with respect to interest income on bonds derived from the PRC bond market and issued </span><span style="color:#000000;font-family:arial;font-size:9.30pt">before August 8, 2025.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Any changes in PRC tax law, future clarifications thereof, and/or subsequent retroactive enforcement by the PRC tax </span><span style="color:#000000;font-family:arial;font-size:9.30pt">authorities may result in a loss which could be material to the Fund. There is a risk the PRC tax authorities may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">withdraw the temporary tax exemptions in the future and seek to collect taxes realized on the sale of A-Shares or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC sourced interest income on non-government bonds received by the Fund without giving any prior notice. If the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">temporary tax exemptions are withdrawn, any taxes may be directly borne by or indirectly passed on to the Fund and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may result in a substantial impact to its net asset value. As with any net asset value adjustment, investors may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">advantaged or disadvantaged depending on when the investors purchased and/or sold the shares of the Fund. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">There will be no retrospective restatement of the Fund’s net asset value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">BlackRock will keep the provisioning policy for tax liability under review and may, in its discretion from time to time, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">make a provision for potential tax liabilities if in its opinion such provision is warranted or as further clarified by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">PRC in notifications.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Convertible Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The market value of a convertible security performs like that of a regular debt </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">their market value may change based on changes in the issuer’s credit rating or the market’s perception of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuer’s creditworthiness. Since it derives a portion of its value from the common stock into which it may be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">converted, a convertible security is also subject to the same types of market and issuer risks that apply to the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underlying common stock, including the potential for increased volatility in the price of the convertible security.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Debt Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Debt securities, such as bonds, involve risks, such as credit risk, interest rate risk, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">extension risk, and prepayment risk, each of which are described in further detail below:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Credit Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">able to make payments of interest and principal when due. Changes in an issuer’s credit rating or the market’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. The </span><span style="color:#000000;font-family:arial;font-size:9.30pt">degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Interest Rate Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The market value of bonds and other fixed-income securities changes in response to interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">will increase as interest rates fall and decrease as interest rates rise.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund may be subject to a greater risk of rising interest rates during a period of low interest rates. For example, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being </span><span style="color:#000000;font-family:arial;font-size:9.30pt">equal, the value of the Fund’s investments would be expected to decrease by 10%. (Duration is a measure of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">price sensitivity of a debt security or portfolio of debt securities to relative changes in interest rates.) The magnitude </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities with longer maturities. Fluctuations in the market price of the Fund’s investments will not affect interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">income derived from instruments already owned by the Fund, but will be reflected in the Fund’s net asset value. The </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">management.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">To the extent the Fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset </span><span style="color:#000000;font-family:arial;font-size:9.30pt">only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be </span><span style="color:#000000;font-family:arial;font-size:9.30pt">expected to cause some fluctuations in the net asset value of the Fund to the extent that it invests in floating rate </span><span style="color:#000000;font-family:arial;font-size:9.30pt">debt securities.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">These basic principles of bond prices also apply to U.S. Government securities. A security backed by the “full faith </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and credit” of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">value when interest rates change.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large </span><span style="color:#000000;font-family:arial;font-size:9.30pt">scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy </span><span style="color:#000000;font-family:arial;font-size:9.30pt">redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">hurt the Fund’s performance.</span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Extension Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — When interest rates rise, certain obligations will be paid off by the obligor more slowly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">anticipated, causing the value of these obligations to fall.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Prepayment Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — When interest rates fall, certain obligations will be paid off by the obligor more quickly than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">originally anticipated, and the Fund may have to invest the proceeds in securities with lower yields.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Depositary Receipts Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Depositary receipts are generally subject to the same risks as the foreign securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that they evidence or into which they may be converted. In addition to investment risks associated with the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underlying issuer, depositary receipts expose the Fund to additional risks associated with the non-uniform terms </span><span style="color:#000000;font-family:arial;font-size:9.30pt">that apply to depositary receipt programs, credit exposure to the depository bank and to the sponsors and other </span><span style="color:#000000;font-family:arial;font-size:9.30pt">parties with whom the depository bank establishes the programs, currency risk and the risk of an illiquid market for </span><span style="color:#000000;font-family:arial;font-size:9.30pt">depositary receipts. The issuers of unsponsored depositary receipts are not obligated to disclose information that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">is, in the United States, considered material. Therefore, there may be less information available regarding these </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers and there may not be a correlation between such information and the market value of the depositary </span><span style="color:#000000;font-family:arial;font-size:9.30pt">receipts. While depositary receipts provide an alternative to directly purchasing underlying foreign securities in their </span><span style="color:#000000;font-family:arial;font-size:9.30pt">respective markets and currencies, they continue to be subject to many of the risks associated with investing </span><span style="color:#000000;font-family:arial;font-size:9.30pt">directly in foreign securities, including political, economic, and currency risk.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Derivatives Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund’s use of derivatives may increase its costs, reduce the Fund’s returns and/or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increase volatility. Derivatives involve significant risks, including:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Leverage Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund’s use of derivatives can magnify the Fund’s gains and losses. Relatively small market </span><span style="color:#000000;font-family:arial;font-size:9.30pt">movements may result in large changes in the value of a derivatives position and can result in losses that greatly </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exceed the amount originally invested.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Market Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Some derivatives are more sensitive to interest rate changes and market price fluctuations than </span><span style="color:#000000;font-family:arial;font-size:9.30pt">other securities. The Fund could also suffer losses related to its derivatives positions as a result of unanticipated </span></div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">market movements, which losses are potentially unlimited. Finally, BlackRock may not be able to predict correctly </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the direction of securities prices, interest rates and other economic factors, which could cause the Fund’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">derivatives positions to lose value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Counterparty Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Derivatives are also subject to counterparty risk, which is the risk that the other party in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">transaction will be unable or unwilling to fulfill its contractual obligation, and the related risks of having concentrated </span><span style="color:#000000;font-family:arial;font-size:9.30pt">exposure to such a counterparty.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Illiquidity Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more </span><span style="color:#000000;font-family:arial;font-size:9.30pt">difficult for the Fund to value accurately.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Operational Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The use of derivatives includes the risk of potential operational issues, including documentation </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issues, settlement issues, systems failures, inadequate controls and human error.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Legal Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The risk of insufficient documentation, insufficient capacity or authority of counterparty, or legality or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">enforceability of a contract.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Volatility and Correlation Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Volatility is defined as the characteristic of a security, an index or a market to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">fluctuate significantly in price within a short time period. A risk of the Fund’s use of derivatives is that the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">fluctuations in their values may not correlate with the overall securities markets.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Valuation Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Valuation for derivatives may not be readily available in the market. Valuation may be more difficult </span><span style="color:#000000;font-family:arial;font-size:9.30pt">in times of market turmoil since many investors and market makers may be reluctant to purchase complex </span><span style="color:#000000;font-family:arial;font-size:9.30pt">instruments or quote prices for them.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Hedging Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Hedges are sometimes subject to imperfect matching between the derivative and the underlying </span><span style="color:#000000;font-family:arial;font-size:9.30pt">security, and there can be no assurance that the Fund’s hedging transactions will be effective. The use of hedging </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may result in certain adverse tax consequences.</span></div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">Tax Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Certain aspects of the tax treatment of derivative instruments, including swap agreements and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">commodity-linked derivative instruments, are currently unclear and may be affected by changes in legislation, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">regulations or other legally binding authority. Such treatment may be less favorable than that given to a direct </span><span style="color:#000000;font-family:arial;font-size:9.30pt">investment in an underlying asset and may adversely affect the timing, character and amount of income the Fund </span><span style="color:#000000;font-family:arial;font-size:9.30pt">realizes from its investments.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Dollar Rolls Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Dollar rolls involve the risk that the market value of the securities that the Fund is committed to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">buy may decline below the price of the securities the Fund has sold. These transactions may involve leverage.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Foreign Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Foreign investments often involve special risks not present in U.S. investments that can </span><span style="color:#000000;font-family:arial;font-size:9.30pt">increase the chances that the Fund will lose money. These risks include:</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund generally holds its foreign securities and cash in foreign banks and securities depositories, which may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">be recently organized or new to the foreign custody business and may be subject to only limited or no regulatory </span><span style="color:#000000;font-family:arial;font-size:9.30pt">oversight.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Changes in foreign currency exchange rates can affect the value of the Fund’s portfolio.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The economies of certain foreign markets may not compare favorably with the economy of the United States with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">respect to such issues as growth of gross national product, reinvestment of capital, resources and balance of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">payments position.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The governments of certain countries, or the U.S. Government with respect to certain countries, may prohibit or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">impose substantial restrictions through capital controls and/or sanctions on foreign investments in the capital </span><span style="color:#000000;font-family:arial;font-size:9.30pt">markets or certain industries in those countries, which may prohibit or restrict the ability to own or transfer </span><span style="color:#000000;font-family:arial;font-size:9.30pt">currency, securities, derivatives or other assets.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Many foreign governments do not supervise and regulate stock exchanges, brokers and the sale of securities to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the same extent as does the United States and may not have laws to protect investors that are comparable to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">U.S. securities laws.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Settlement and clearance procedures in certain foreign markets may result in delays in payment for or delivery of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities not typically associated with settlement and clearance of U.S. investments.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;margin-left:12pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:493.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The Fund’s claims to recover foreign withholding taxes may not be successful, and if the likelihood of recovery of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">foreign withholding taxes materially decreases, due to, for example, a change in tax regulation or approach in the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">foreign country, accruals in the Fund’s net asset value for such refunds may be written down partially or in full, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">which will adversely affect the Fund’s net asset value.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Geographic Concentration Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— From time to time the Fund may invest a substantial amount of its assets in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers located in a single country or a limited number of countries. If the Fund concentrates its investments in this </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="line-height:10.695pt;margin-left:12pt;text-align:left;"><span style="color:#000000;font-family:arial;font-size:9.30pt">manner, it assumes the risk that economic, political and social conditions in those countries will have a significant </span><span style="color:#000000;font-family:arial;font-size:9.30pt">impact on its investment performance. The Fund’s investment performance may also be more volatile if it </span><span style="color:#000000;font-family:arial;font-size:9.30pt">concentrates its investments in certain countries, especially emerging market countries.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">High Portfolio Turnover Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — The Fund may engage in active and frequent trading of its portfolio securities. High </span><span style="color:#000000;font-family:arial;font-size:9.30pt">portfolio turnover (more than 100%) may result in increased transaction costs to the Fund, including brokerage </span><span style="color:#000000;font-family:arial;font-size:9.30pt">commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to </span><span style="color:#000000;font-family:arial;font-size:9.30pt">shareholders of higher capital gains or losses as compared to a fund with less active trading policies. These effects </span><span style="color:#000000;font-family:arial;font-size:9.30pt">of higher than normal portfolio turnover may adversely affect Fund performance.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Leverage Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Some transactions may give rise to a form of economic leverage. These transactions may include, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules </span><span style="color:#000000;font-family:arial;font-size:9.30pt">thereunder. Increases and decreases in the value of the Fund’s portfolio will be magnified when the Fund uses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">leverage.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Market Risk and Selection Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Market risk is the risk that one or more markets in which the Fund invests will </span><span style="color:#000000;font-family:arial;font-size:9.30pt">go down in value, including the possibility that the markets will go down sharply and unpredictably. An investor could </span><span style="color:#000000;font-family:arial;font-size:9.30pt">lose money over short periods due to fluctuation in the Fund’s net asset value in response to short-term market </span><span style="color:#000000;font-family:arial;font-size:9.30pt">movements and over longer periods during market downturns. Securities or other investments held by the Fund may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">underperform the markets, the relevant indices or benchmarks, or the securities selected by other funds with </span><span style="color:#000000;font-family:arial;font-size:9.30pt">similar investment objectives and investment strategies, or may otherwise fail to perform as intended. The value of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">a security or other asset may decline due to changes in general market conditions, economic trends or events that </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or </span><span style="color:#000000;font-family:arial;font-size:9.30pt">issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">The success of the Fund’s activities could be affected by interest rates, availability of credit, inflation rates, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">economic uncertainty, changes in laws, tariffs and trade barriers, supply chain disruptions, economic sanctions, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">currency exchange controls, and local, regional or global events such as war, acts of terrorism, natural and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">environmental disasters, the spread of infectious illness or other public health issues, recessions, or other events.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div><div style="margin-top:4pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">Recent policy initiatives undertaken by the U.S. government have the potential to impact international relations, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in </span><span style="color:#000000;font-family:arial;font-size:9.30pt">domestic and global markets, and could adversely affect the investment performance of the Fund. In particular, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">actions taken by the U.S. government in respect of international trade relations could lead to trade wars, increased </span><span style="color:#000000;font-family:arial;font-size:9.30pt">costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where </span><span style="color:#000000;font-family:arial;font-size:9.30pt">the Fund invests.</span></div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Mezzanine Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> Mezzanine securities carry the risk that the issuer will not be able to meet its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">obligations and that the equity securities purchased with the mezzanine investments may lose value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Mid Cap Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The securities of mid cap companies generally trade in lower volumes and are generally </span><span style="color:#000000;font-family:arial;font-size:9.30pt">subject to greater and less predictable price changes than the securities of larger capitalization companies.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">“New Issues” Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic">—</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> “New issues” are IPOs of equity securities. Securities issued in IPOs have no trading history, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and information about the companies may be available for very limited periods. In addition, the prices of securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">sold in IPOs may be highly volatile or may decline shortly after the IPO.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Operational and Technology Risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— The Fund is directly and indirectly susceptible to operational and technology </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks, including those related to human errors, processing errors, communication errors, systems failures, </span><span style="color:#000000;font-family:arial;font-size:9.30pt">cybersecurity incidents, and the use of artificial intelligence and machine learning (“AI”), which may result in losses </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the Fund and its shareholders or may impair the Fund’s operations. While the Fund’s service providers are </span><span style="color:#000000;font-family:arial;font-size:9.30pt">required to have appropriate operational, information security and cybersecurity risk management policies and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">procedures, their methods of risk management may differ from those of the Fund. Operational and technology risks </span><span style="color:#000000;font-family:arial;font-size:9.30pt">for the issuers in which the Fund invests could also result in material adverse consequences for such issuers and </span><span style="color:#000000;font-family:arial;font-size:9.30pt">may cause the Fund’s investments in such issuers to lose value.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.0pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Preferred Securities Risk</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> — Preferred securities may pay fixed or adjustable rates of return. Preferred securities </span><span style="color:#000000;font-family:arial;font-size:9.30pt">are subject to issuer-specific and market risks applicable generally to equity securities. In addition, a company’s </span><span style="color:#000000;font-family:arial;font-size:9.30pt">preferred securities generally pay dividends only after the company makes required payments to holders of its </span><span style="color:#000000;font-family:arial;font-size:9.30pt">bonds and other debt. For this reason, the value of preferred securities will usually react more strongly than bonds </span><span style="color:#000000;font-family:arial;font-size:9.30pt">and other debt to actual or perceived changes in the company’s financial condition or prospects. Preferred </span><span style="color:#000000;font-family:arial;font-size:9.30pt">securities of smaller companies may be more vulnerable to adverse developments than preferred securities of </span><span style="color:#000000;font-family:arial;font-size:9.30pt">larger companies.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Reverse Repurchase Agreements Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Reverse repurchase agreements involve the sale of securities held by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund with an agreement to repurchase the securities at an agreed-upon price, date and interest payment. Reverse </span><span style="color:#000000;font-family:arial;font-size:9.30pt">repurchase agreements involve the risk that the other party may fail to return the securities in a timely manner or at </span><span style="color:#000000;font-family:arial;font-size:9.30pt">all. The Fund could lose money if it is unable to recover the securities and the value of the collateral held by the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Fund, including the value of the investments made with cash collateral, is less than the value of the securities. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">These events could also trigger adverse tax consequences for the Fund. In addition, reverse repurchase agreements </span><span style="color:#000000;font-family:arial;font-size:9.30pt">involve the risk that the interest income earned in the investment of the proceeds will be less than the interest </span><span style="color:#000000;font-family:arial;font-size:9.30pt">expense.</span></div> </div> <div style="clear:both;position:relative;"> </div> </div> <div> <div style="clear:both;margin-top:4.805pt;position:relative;width:100%;"> <div style="float:left;line-height:9.87pt;text-align:left;width:8pt;"><span style="color:#000000;font-family:arial;font-size:8.37pt;position:relative;top:-0.5pt">◼</span></div> <div style="float:left;line-height:10.80pt;margin-left:4pt;text-align:left;width:505.00pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt;font-style:italic;font-weight:bold">Small Cap and Emerging Growth Securities Risk </span><span style="color:#000000;font-family:arial;font-size:9.30pt">— Small cap or emerging growth companies may have limited </span><span style="color:#000000;font-family:arial;font-size:9.30pt">product lines or markets. They may be less financially secure than larger, more established companies. They may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">depend on a more limited management group than larger capitalized companies.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> </div> <div style="clear:both;position:relative;"> </div> </div> Performance Information <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">The information shows you how the Fund’s performance has varied year by year and provides some indication of the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">risks of investing in the Fund. Class K Shares commenced operations on January 25, 2018. As a result, the returns </span><span style="color:#000000;font-family:arial;font-size:9.30pt">shown below for Class K Shares prior to January 25, 2018 are those of the Fund’s Institutional Shares, which are not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">offered in this prospectus. The performance of Class K Shares would be substantially similar to Institutional Shares </span><span style="color:#000000;font-family:arial;font-size:9.30pt">because Class K Shares and Institutional Shares are invested in the same portfolio of securities and performance </span><span style="color:#000000;font-family:arial;font-size:9.30pt">would differ only to the extent that Institutional Shares and Class K Shares have different expenses. The actual </span><span style="color:#000000;font-family:arial;font-size:9.30pt">returns of Class K Shares would have been higher than those of the Institutional Shares because Class K Shares have </span><span style="color:#000000;font-family:arial;font-size:9.30pt">lower expenses than the Institutional Shares. The table compares the Fund’s performance to that of the MSCI </span><span style="color:#000000;font-family:arial;font-size:9.30pt">Emerging Markets Index (Net). To the extent that dividends and distributions have been paid by the Fund, the </span><span style="color:#000000;font-family:arial;font-size:9.30pt">performance information for the Fund in the chart and table assumes reinvestment of the dividends and distributions. </span><span style="color:#000000;font-family:arial;font-size:9.30pt">As with all such investments, past performance (before and after taxes) is not an indication of future results. The table </span><span style="color:#000000;font-family:arial;font-size:9.30pt">includes all applicable fees. If BlackRock and its affiliates had not waived or reimbursed certain Fund expenses during </span><span style="color:#000000;font-family:arial;font-size:9.30pt">these periods, the Fund’s returns would have been lower. Updated information on the Fund’s performance, including </span><span style="color:#000000;font-family:arial;font-size:9.30pt">its current net asset value, can be obtained by visiting www.blackrock.com or can be obtained by phone at </span><span style="color:#000000;font-family:arial;font-size:9.30pt">(800) 882-0052</span><span style="color:#000000;font-family:arial;font-size:9.30pt">.</span></div> The information shows you how the Fund’s performance has varied year by year and provides some indication of the risks of investing in the Fund. As with all such investments, past performance (before and after taxes) is not an indication of future results. www.blackrock.com (800) 882-0052 Class K Shares ANNUAL TOTAL RETURNS BlackRock Emerging Markets Fund, Inc. As of 12/31 <div style="margin-top:6pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">During the ten-year period shown in the bar chart, the highest return for a quarter was 23.96% (quarter ended </span><span style="color:#000000;font-family:arial;font-size:9.30pt">December 31, 2020) and the lowest return for a quarter was -21.78% (quarter ended March 31, 2020). The year-to-date</span><span style="color:#000000;font-family:arial;font-size:9.30pt"> return as of June 30, 2026 was 33.14%.</span><span style="color:#000000;font-family:arial;font-size:1pt;line-height:0.93pt"> </span></div> highest return 0.2396 2020-12-31 lowest return -0.2178 2020-03-31 year-to-date return 2026-06-30 0.3314 For the periods ended 12/31/25Average Annual Total Returns 0.3060 0.0147 0.0886 0.2996 0.0088 0.0847 0.1969 0.0120 0.0735 0.3357 0.0420 0.0842 <div style="margin-top:12pt;"><span style="color:#000000;font-family:arial;font-size:9.30pt">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="color:#000000;font-family:arial;font-size:9.30pt">reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may </span><span style="color:#000000;font-family:arial;font-size:9.30pt">differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through </span><span style="color:#000000;font-family:arial;font-size:9.30pt">tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span><span style="color:#000000;font-family:arial;font-size:9.30pt;line-height:10.695pt"> </span></div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses do not correlate to the ratios of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which do not include Acquired Fund Fees and Expenses. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 53, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 1.11% (for Investor A Shares), 1.86% (for Investor C Shares) and 0.86% (for Institutional Shares) of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Investor A Shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund’s assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2028. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2028. The contractual agreements may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. The Total Annual Fund Operating Expenses does not correlate to the ratio of expenses to average net assets given in the Fund’s most recent Annual Financial Statements and Additional Information, which does not include Acquired Fund Fees and Expenses. There is no CDSC on Investor C Shares after one year. As described in the “Management of the Fund” section of the Fund’s prospectus beginning on page 42, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.81% of average daily net assets through June 30, 2028. The contractual agreement may be terminated upon 90 days’ notice by a majority of the non-interested directors of the Fund or by a vote of a majority of the outstanding voting securities of the Fund. Returns for net indices generally assume the reinvestment of dividends after the deduction of the maximum withholding tax in each country applicable to non-residents of the country as determined by the index provider. Such indices use withholding tax rates that are often at a higher rate than the rates to which the Fund is subject in each country, including for countries where the Fund is not subject to withholding taxes. When this is the case, index performance will be lower than if the index used the Fund’s applicable withholding tax rates, if any.